The asset size of the New York State Common Retirement Fund, Albany, has fallen an estimated 20% since April 1 due to the stock market downturn, said Robert Whalen, spokesman for New York State Comptroller Thomas DiNapoli.
Mr. DiNapoli is the sole trustee of the fund, which was valued at $153.9 billion as of March 31, the end of the funds 2008 fiscal year. The fund releases its recent transactions monthly, but only reports its assets at the end of its fiscal year.
Mr. Whalen said the fund's estimated drop represented a loss of about $30 billion. This would bring the fund at about $124 billion.
We have no toxic paper in the portfolio, but we are seeing the indirect effect of the credit crisis, which has resulted in the stock markets decline, Mr. Whalen said.
Mr. Whalen said most of the decline stemmed from losses in overall stock holdings. Domestic stocks accounted for 37% of all assets, and international equities for 17%.
Mr. Whalen also said nearly 30% of the portfolio was in U.S. fixed-income, 8% in private equity, 6% in global real estate and the remainder in alternative investments.
Mr. DiNapoli noted in the statement that after the dot.com bust and the Sept. 11, 2001 terrorist attacks, the fund saw the value of its assets decline by about $30 billion, but regained that value within two years.